<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3288" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/DCHRVBQRQ5MELH6UNHHLJO57MY.avif" alt="" class="wp-image-564051"/><figcaption class="wp-element-caption">National Democratic Congress (NDC) presidential candidate and former Ghanaian President John Dramani Mahama salutes supporters during his final election campaign rally in Accra, Ghana December 5, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, Dec 9 (Reuters)&nbsp;&#8211;&nbsp;John Dramani Mahama, who is returning as Ghana&#8217;s president eight years after losing power, achieved his political comeback on a promise to mend the West African country&#8217;s economy.



His main rival conceded defeat on Sunday after partial results showed Mahama, 66, was on course to win Saturday&#8217;s presidential election and that his National Democratic Congress would win a parliamentary election held the same day.



The eldest son of a wealthy rice trader turned politician, Mahama became Ghana&#8217;s interim leader in 2012 after the sudden death of President John Atta Mills, under whom Mahama served as vice president.



Mahama defeated his main challenger, Akufo-Addo, in an election a few months later &#8211; the first in a series of votes that pitted the two against each other.



During his four-year term, Mahama invested heavily in infrastructure but drew criticism over prolonged power shortages, macroeconomic instability and allegations of political corruption although he was not personally tainted.



Polls before Saturday&#8217;s election had forecast Mahama to win after a spiralling economic and cost-of-living crisis in cocoa, gold and oil-producing Ghana hit the popularity of Akufo-Addo&#8217;s government and increased momentum for a change in leadership.



In an interview with Reuters before the election, Mahama said he would seek to renegotiate terms of a $3 billion International Monetary Fund bailout secured last year to restructure the country&#8217;s debt.



He has also promised to ease business regulations, introduce a 24-hour triple-shift work system, enact tax reforms and invest $10 billion in modernising infrastructure.



&#8220;This election is not just another election. It&#8217;s a defining moment for our nation,&#8221; he told his final campaign rally, urging voters to &#8220;reset the country&#8221;.



<h2 class="wp-block-heading" id="h-thank-you-ghana">&#8216;THANK YOU, GHANA&#8217;</h2>



Mahama went to a private boarding school in Accra and also studied communications in the capital at the University of Ghana in the 1980s before moving to Moscow to study psychology.



He was first elected to parliament in 1996 and served as communications minister from 1998 to 2001. Atta Mills appointed him vice president in 2009.



Mahama failed to secure a second term as president in 2016, when Akufo-Addo defeated him on the back of falling gold, oil and cocoa export prices. Akufo-Addo defeated Mahama again in 2020 on a promise to restore growth.



Celebrating what he called an emphatic win in Saturday&#8217;s election Mahama wrote on X: &#8220;Thank you, Ghana.&#8221;



Mahama was born and raised as a Christian, like the majority of Ghanaians. He is married with five children.



An avid reader and writer, he has published columns in Ghanaian and international newspapers, including an opinion piece on the death of South Africa&#8217;s first black president Nelson Mandela for the New York Times.



In 2012, he wrote a memoir in which he recalled the military coup that ousted Ghana&#8217;s founding president, Kwame Nkrumah, in 1966. Mahama was seven at the time.



(Writing by Sofia Christensen, Editing by Timothy Heritage)

DCHRVBQRQ5MELH6UNHHLJO57MY

John Dramani Mahama returning as Ghana president on pledge to mend economy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-820x547.jpg" alt="" class="wp-image-564033" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-169658566-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">PORT LOUIS, MAURITIUS &#8211; MAY 30: Prime Minister Navin Ramgoolam of Mauritius speaks during the opening ceremony of the 63th FIFA Congress at Swami Vivekananda International Convention Centre on May 30, 2013 in Port Louis, Mauritius. (Photo by Alexander Hassenstein &#8211; FIFA/FIFA via Getty Images)</figcaption></figure>



PORT LOUIS, Dec 9 (Reuters)&nbsp;&#8211;&nbsp;The state of Mauritius&#8217; economy is &#8220;much worse than we imagined&#8221;, its new prime minister said, as an audit he launched into the Indian Ocean archipelago&#8217;s public finances neared completion.



Navin Ramgoolam announced the audit days after his coalition won a resounding election victory in November, alleging the previous government had manipulated data to put a positive spin on the country&#8217;s economic prospects.



The former finance minister, Renganaden Padayachy, has not responded to requests for comment about Ramgoolam&#8217;s allegations since the launch of the audit. Padayachy did not respond to further calls and a message seeking comment on Monday.



&#8220;We are almost completing our audit of the economy. It&#8217;s shocking what we have seen. It&#8217;s much worse than we imagined. Mauritians will soon discover the exact situation of the economy,&#8221; Ramgoolam said in comments broadcast on Mauritian television and radio stations on Saturday.



Ramgoolam, who is also the&nbsp;new&nbsp;finance minister, did not provide any figures to back up his weekend comments.



The country of about 1.3 million people is seen as one of Africa&#8217;s most stable democracies.



Mauritius&nbsp;markets itself as a link between Africa and Asia, deriving most of its revenue from a flourishing offshore financial sector, tourism and textiles.



Economic growth was 7% last year, but the rising cost of living was a key issue in the election, colouring voters&#8217; views on the previous government led by Pravind Jugnauth.



(Reporting by Villen Anganan; Writing by George Obulutsa; Editing by Alexander Winning and Kate Mayberry)

63rd FIFA Congress – Opening Ceremony

Mauritius economy ‘much worse than we imagined’, new prime minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="596" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Esha-Mansingh_landscape-820x596.jpg" alt="" class="wp-image-563982" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Esha-Mansingh_landscape-820x596.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Esha-Mansingh_landscape-300x218.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Esha-Mansingh_landscape-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Esha-Mansingh_landscape-768x559.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Esha-Mansingh_landscape-1536x1117.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Esha-Mansingh_landscape.jpg 1815w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Esha Mansingh, Head: Corporate Affairs &amp; Sustainability for sub-Saharan Africa at DP World</figcaption></figure>



Sub-Saharan Africa is a rapidly growing market with vast potential to reshape the global trade landscape and drive holistic, positive change for communities that rely on trade as the lifeblood of access to quality products and services. Its pivotal impact makes everyday life better for millions of people in the region.



In June, DP World released the findings of its independently commissioned Socio-Economic Impact Assessment (SEIA) reports, prepared by Accenture, which reveal that the company created direct and indirect value of USD 6,75 billion (₦3,46 trillion) in Nigeria and USD 6,24 billion (R111,9 billion) in South Africa during its 2022 and 2023 financial years.



The SEIA report provides a comprehensive analysis of how DP World’s logistics, trade and infrastructure projects have impacted economic drivers such as job creation, economic growth, healthcare, resource efficiency and community development. The report highlights the substantial direct and indirect socio-economic benefits of DP World’s operations in Nigeria and South Africa despite macro-economic challenges such as the COVID-19 pandemic, ensuring that the organisation leaves a lasting impact for good on the communities in which it operates.



&#8220;In these challenging times, our commitment to sustainable development and community well-being is more critical than ever,” said Esha Mansingh, Head: Corporate Affairs &amp; Sustainability for sub-Saharan Africa at DP World. “Our efforts in Nigeria and South Africa have not only supported direct and indirect jobs and improved healthcare access but have also strengthened supply chains and facilitated trade, laying the foundation for long-term economic stability and growth. We believe that our resilience and innovation are key to transforming the regions and communities in which we operate.”



In sub-Saharan Africa, DP World employs more than 28,000 people and operates across 48 markets. Its presence in the region, through its significant logistics, market access, and ports and terminals capabilities, is marked by DP World’s commitment to developing the continent and improving people’s lives through access to quality food, medicine, fuel, and many other necessities.



DP World plays a key role in connecting Africa to the world. The company invests in infrastructure, technology and talent to empower businesses, drive sustainable growth and shape the continent&#8217;s trade narrative.



Despite a challenging macroeconomic environment impacted by volatile commodity prices, high inflation, and geo-political tensions, DP World showed good progress over the reported period through the innovation and resilience of its people, and embedding sustainability throughout operations in both countries.



Mansingh stated, “We are proud to have sustained 19,000 direct jobs across the two countries and have solidified our market presence through strategic acquisitions that widen our business reach. We acknowledge the interconnectedness of the region and are intentional about widening connectivity throughout the continent for our customers.”



The organisation’s impact on communities transcends job creation and access to goods and services; it encompasses a commitment to catalysing positive transformation and effecting tangible social change in the markets in which it operates. This includes initiatives ranging from providing accessible healthcare solutions in underserved communities to leading efforts aimed at enhancing infrastructure and stimulating development.



In Nigeria, the company operates road freight, logistics warehousing, and Market Access Consumer and Healthcare businesses, managing over 17,000 sqm of healthcare warehousing, 28,000 healthcare outlets, and 240,000 distribution points.



In South Africa, DP World provides freight forwarding, bulk transport, contract logistics, and 4PL services, with a fleet of 4,250 vehicles, and over 719,250 sqm of managed warehouse space.



In South Africa alone, DP World’s initiatives have improved access to healthcare solutions in underserved communities, driving savings of USD 11 million for patients.



The trade landscape cannot thrive without a conducive and sustainable environment – which has been made all the more urgent as the world acknowledges the impact of climate change. Natural resources have become increasingly strained, placing an obligation on the shoulders of businesses to lower their carbon emissions and create sustainable practices in their operations.



DP World globally is advancing its decarbonisation strategy, targeting a 42% reduction in Scope 1 and 2 carbon emissions and 28% reduction in Scope 3 carbon emissions by 2030, and net-zero across all scopes by 2050.



Greenhouse gas emissions are grouped into three scopes, the first being emissions that are owned by the company such as from the burning of fuel in fleet. Scope 2 emissions arise from electricity use and Scope 3 emissions are indirect emissions incurred in the value chain because of the company’s activities.



By actively pursuing opportunities to minimise its environmental impact and promote efficient use of natural resources, DP World continuously embraces innovation across various fronts, including fleet management, alternative fuels, and water and waste recycling initiatives.



In South Africa, over the reporting period, this included achieving a 4,911-tonne reduction in emissions by recycling and using solar energy; a 4,911 MWh reduction in grid electricity using solar energy; and 2,2 million litres reduction in water usage through re-use initiatives. Fuel efficiency improvements for the commercial fleet continues to be a priority focus area.



In Nigeria, DP World demonstrated its resource efficiency through adding 150 new Euro 3 specification trucks, realising an 8% fuel efficiency improvement against Euro 2 equivalents.



Mansingh added, “In the broader trade ecosystem, our suppliers have the unique opportunity to harness the strength of DP World’s globally recognised brand and expansive international presence to fuel their own business growth. Through our procurement activities, we have not only reinforced their financial stability but also empowered them to scale and thrive within a highly competitive market.”



DP World has invested c. USD 3 billion in ports and logistics in Africa to date, including the acquisition of JSE listed Imperial Logistics in 2022 &#8211; a testament to the&nbsp;organisation’s&nbsp;long-term commitment to the region. Looking ahead, DP World remains&nbsp;committed to furthering&nbsp;its&nbsp;impact in Africa, with an additional c. USD&nbsp;3 billion investment in ports infrastructure and logistics development planned over the next 3&nbsp;to&nbsp;5 years. These investments will not only enhance&nbsp;DP World’s&nbsp;operational capabilities but also contribute to economic development across the continent.



DP World operates within a complex business ecosystem of external stakeholders, including governments, regulatory bodies, industry associations, shareholders, and financial institutions. By maintaining strict compliance with local regulations and fostering collaborative relationships with regulatory authorities, the company mitigates risks while building trust and transparency across its markets.



Mansingh concluded: “Recognising the deeply interconnected nature of regional economies, DP World understands that its influence extends beyond national borders, shaping the economic landscape of neighbouring countries. With a strategic focus on enhancing connectivity across Africa, we are committed to driving seamless trade flows and unlocking transformative opportunities for all stakeholders involved, creating a more integrated and prosperous future for the continent.”

Esha Mansingh_landscape

Changing what’s possible, and creating positive impact in sub-Saharan Africa’s trade environment

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1080" height="720" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GZ42FNCPGRK2ZE3SBHPBDHACCI.avif" alt="" class="wp-image-563964"/><figcaption class="wp-element-caption">Supporters of Ghana&#8217;s main opposition National Democratic Congress (NDC) party candidate and former President John Dramani Mahama celebrate after his rival Vice President Mahamudu Bawumia conceded defeat day after the presidential and parliamentary election in Ghana, December 8, 2024. REUTERS/Zohra Bensemra</figcaption></figure>



ACCRA, (Reuters) &#8211; Ghana&#8217;s former President John Dramani Mahama has staged a political comeback by winning the West African nation&#8217;s presidential election after his rival Vice President Mahamudu Bawumia conceded defeat on Sunday.



The result of Ghana&#8217;s general election is another blow to a ruling party in a region where voters, hit by economic hardship, high inflation and local currency depreciation, have caused upsets as they seek changes in leadership.



Mahama, 66, who served as Ghana&#8217;s president from 2012 to 2016, framed Bawumia as representing a continuation of the policies that led to Ghana&#8217;s worst economic crisis in a generation.



The world&#8217;s second biggest cocoa grower, and major gold-producing nation, reached a deal with the International Monetary Fund last year for a $3 billion bailout after it defaulted on most of its international debt.



&#8220;I have, this morning, received a congratulatory call from my brother Dr. Bawumia, following my emphatic victory in Saturday’s election. Thank you, Ghana,&#8221; Mahama said in a post on X social media.



Addressing a press conference from his residence, Bawumia said he called Mahama to congratulate him, adding that Mahama&#8217;s National Democratic Congress (NDC) also won the parliamentary election.



&#8220;The data from our own internal collation of the election results indicate that former President John Dramani Mahama has won the presidential election decisively,&#8221; Bawumia said, adding that NDC also won the parliamentary election.



Bawumia said he conceded before the official result to ease tensions.



Before his concession, scuffles had been reported in several local constituency centres where results were still arriving from polling stations.



&#8220;I am making this concession speech before the official announcement by the Electoral Commission to avoid further tension and preserve the peace of our country,&#8221; Bawumia said.



&#8220;It is important that the world investor community continues to believe in the peaceful and democratic character of Ghana,&#8221; he added.



Hundreds of NDC supporters took to the streets of the capital Accra on Sunday to celebrate after Bawumia conceded defeat.



Early results had shown Mahama and the NDC party with a commanding lead. Joy News reported that Mahama was leading with over 53% of the vote to Bawumia&#8217;s 45.16% after provisional results from 68 out of a total 276 constituencies were counted.



In a news conference on Sunday before Bawumia conceded, Sammy Gyamfi, national spokesperson for the NDC, said provisional internally collated results by party agents from 38,896 out of the total 40,976 polling stations showed Mahama was leading with around 56%.



He said the party appeared on track to win around 185 out of 276 seats in Parliament.



(Reporting by Maxwell Akalaare Adombila, Christian Akorlie and Bate Felix Writing by Bate Felix; Editing by Kirsten Donovan and Christina Fincher)

GZ42FNCPGRK2ZE3SBHPBDHACCI

Ghana’s former President Mahama wins election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-820x547.jpg" alt="" class="wp-image-563928" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-2188369249-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">ABU DHABI, UNITED ARAB EMIRATES &#8211; DECEMBER 05: Max Verstappen of the Netherlands and Oracle Red Bull Racing looks on in the Paddock during previews ahead of the F1 Grand Prix of Abu Dhabi at Yas Marina Circuit on December 05, 2024 in Abu Dhabi, United Arab Emirates. (Photo by Mark Thompson/Getty Images)</figcaption></figure>



ABU DHABI, Dec 8 (Reuters)&nbsp;&#8211;&nbsp;Formula One world champion Max Verstappen will serve a penalty for swearing when he visits Rwanda next week to collect his winner&#8217;s trophy, the governing FIA said on Sunday.



Verstappen, who secured his fourth successive championship in Las Vegas last month, was ordered to do &#8220;work of public interest&#8217; after swearing during a Singapore Grand Prix press conference in September.



The FIA&#8217;s prize-giving gala is in Kigali next week, a first for the governing body.



It said after the season-ending Abu Dhabi Grand Prix that the Red Bull driver &#8220;would undertake some work with junior competitors as part of the grassroots development programme organised by the Rwanda Automobile Club&#8221;.



The activity will involve an FIA Affordable Cross Car built locally from blueprints provided by the governing body.



The Dutch driver collected a 10-second penalty in Sunday&#8217;s season-ending Abu Dhabi Grand Prix after a first-lap collision with McLaren&#8217;s Oscar Piastri.



While Verstappen apologised to Piastri, he was less complimentary about the stewards who gave him the time penalty and two penalty points on his licence.



The 27-year-old now has a total of eight points for the 12-month period, with 12 triggering an automatic one-race ban.



&#8220;Could we ask for 20 seconds, stupid idiots,&#8221; he said over the radio, a reference to the two 10-second penalties he received in Mexico in October.



The&nbsp;Piastri collision&nbsp;could have been disastrous for McLaren, who were fighting Ferrari for the constructors&#8217; title and emerged on top thanks to Lando Norris winning from pole position.



&#8220;I apologised to Oscar. I never want to crash with anyone, especially not Oscar who is a great guy,&#8221; Verstappen told Sky Sports television.



&#8220;I went up the inside because we had a really good launch but then I realised that it was going to be tight at the apex.



&#8220;I tried to stay on the kerb but unfortunately we clipped with the tyres, hooked each other and both spun. It&#8217;s not great, as simple as that.&#8221;



Piastri fought back to 10th and McLaren&nbsp;became&nbsp;champions for the first time in 26 years,&nbsp;by 14 points.



(Reporting by Alan Baldwin, editing by Toby Davis and Clare Fallon)

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg" alt="" class="wp-image-562966" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/QOKAVEN6MRMWPH2LUXC4E2QNBU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nigerian President Bola Ahmed Tinubu listens to French President Emmanuel Macron (not seen) as he delivers a statement to the press after a meeting at the Elysee Palace in Paris as part of his a two-day state visit to France, November 28, 2024. REUTERS/Sarah Meyssonnier/Pool/File Photo</figcaption></figure>



ABUJA, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s Senate has passed a bill seeking to make it a crime to export large quantities of unprocessed corn in an effort to alleviate hunger in the West African nation, documents seen by Reuters on Friday showed.



Africa&#8217;s most populous country is grappling with its worst cost-of-living crisis in a generation.



Economic hardship has worsened since President Bola Tinubu started austerity reforms, including devaluing the country&#8217;s naira currency and ending a decades-old petrol subsidy, fuelling inflation.



The weak Nigerian currency has spurred informal exports of corn, rice and sorghum to neighbouring countries due to the exchange rate differential with the West African CFA franc.



Corn is a staple in Nigeria that is also used for animal feed, drinks and processed flour.



The United States Department of Agriculture (USDA) forecasts a rise in Nigeria&#8217;s 2024/25 corn exports to 75,000 metric tons from its 2023/24 estimate of 50,000 metric tons.



The Senate bill, which will need the president&#8217;s assent to become law, will make it illegal to export unprocessed corn from a minimum of 1 metric ton.



Violators would pay the value of the corn in fines or face a one-year prison sentence.



A joint report by Nigeria&#8217;s government and the United Nations said in November that more than 30 million people are expected to be food insecure next year, a one-third jump from this year.



The USDA estimates that Nigeria consumes about 12 million metric tons of corn a year, importing roughly 100,000 metric tons.



(Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Alexander Winning and Barbara Lewis)

FILE PHOTO: French President Macron meets Nigerian President Bola Tinubu in Paris

Nigeria’s Senate seeks to criminalise corn exports to tackle hunger

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-820x462.jpg" alt="" class="wp-image-562913" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-820x462.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-1536x865.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/20241206_1351100-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



For the first time since its inception 12 years ago, the All Africa Business Leaders Awards has announced its first African of the Decade Award. This prestigious new award pays homage to an African who, over the past decade, has made enormous strides in developing Africa and its people and made an impactful contribution to improve the fortunes of economies on the continent.&nbsp; &nbsp;&nbsp;



Introduced by the ABN Group, in partnership with CNBC Africa, the AABLA™ is a signature event and the continent’s leading business recognition platform, which has been telling Africa&#8217;s stories of perseverance, success, innovation, and accountability for the past 12 years by identifying and honouring the best in African business.



The African of the Decade Award recognises an individual who has spearheaded innovative solutions, projects and initiatives that address pressing social, economic, or environmental challenges. This is a person who has consistently shown leadership, vision, and dedication in driving positive change and sustainable development in Africa; someone who has created a lasting and measurable impact on the lives of individuals, communities, or the continent as a whole.



The recipient of the inaugural African of the Decade Award is Dr. Akinwumi&nbsp;Adesina, whose exceptional leadership and commitment to Africa&#8217;s progress have made an undeniable and lasting impact.



Dr. Akinwumi&nbsp;Adesina&nbsp;started his impactful tenure as Nigeria&#8217;s Minister of Agriculture. Furthermore, as the visionary leader of the African Development Bank, he has elevated the continent&#8217;s potential on the global stage. Through the bank&#8217;s High Fives initiative and his ambitious collaboration with the World Bank to provide electricity to 300 million Africans, his leadership has been at the forefront of improving lives across Africa over the past decade.



According to Dr Rakesh Wahi, Chairman of the ABN Group and Founder of the AABLA™, Dr. Adesina had been selected for the Award because of his single-minded commitment to the development of the African continent and its people. “He has not only invested and catalysed development but has inspired and empowered others to become change makers and to contribute to the advancement of Africa. He has sustained a track record of success and achievement over the past decade, with tangible results and outcomes that have made a remarkable difference on the continent. It is with pride that we present this award to Dr. Adesina,” Dr Wahi elucidated.&nbsp;



Other criteria for the award, met by Dr. Adesina, were that he:



<ul class="wp-block-list">
<li>Collaborated with diverse stakeholders, including governments, NGOs, businesses, and communities, to achieve shared goals and create lasting change.&nbsp;</li>



<li>Shown resilience, determination, and perseverance in the face of challenges and obstacles, and continued to drive forward despite setbacks.</li>



<li>Demonstrated a deep understanding of the complexities and nuances of the African context, and leveraged this knowledge to create effective and sustainable solutions.</li>



<li>Embodies the values of inclusivity, diversity, and equity, and works towards creating a more just, equitable, and prosperous Africa for all.</li>
</ul>

20241206_135110(0)

Inaugural African of the Decade Award announced by All Africa Business Leaders Awards

<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="442" height="490" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe.png" alt="" class="wp-image-562892" style="width:440px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe.png 442w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe-271x300.png 271w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Linda-Oniwe-81x90.png 81w" sizes="auto, (max-width: 442px) 100vw, 442px" /><figcaption class="wp-element-caption">Linda Oniwe, Vice President for Technology, Media and Telecommunication at Standard Bank</figcaption></figure></div>


The global data centre industry has emerged as a cornerstone of the digital age, facilitating the storage, processing, and management of vast amounts of data. As businesses and individuals increasingly adopt advanced technologies such as Artificial Intelligence, Machine Learning, the Internet of Things (IoT), cloud-based solutions and edge computing, the demand for robust data centres is growing exponentially.



Over the past decade, the global data centre industry has witnessed unprecedented growth. Valued at USD93.7 billion in 2023, the market is projected to maintain a strong growth trajectory with a CAGR of approximately 22% from 2018 to 2025. As digital transformation becomes a strategic imperative across various sectors, the need for secure, scalable, and reliable data storage and processing solutions has and will continue to skyrocket. Concerns about data privacy, data nationalism and data localization requirements further accelerate digital transformation initiatives, driving demand for local data centres.&nbsp;



In Africa, the industry, though still in its infancy, is rapidly growing and evolving, propelled by the continent’s burgeoning digital economy and its ability to leapfrog basic services through technological innovation. The increasing access to the internet and data usage, primarily via mobile phones, is fueling a digital revolution, positioning Africa as the next frontier of the global data centre industry.



We continue seeing strong demand fundamentals that favour Africa as a destination for data centres. Growing interest from the major global cloud service providers such as AWS, Google Cloud and Microsoft, along with content delivery network providers over the last few years continues to drive demand for data centre infrastructure.



Enterprise demand from governments and private companies migrating their servers to third-party leased space, as well as demand from connectivity providers are also significantly increasing demand. Many global, pan-African, and local data centre operators are recognizing this potential and are now investing in building robust data centre ecosystems to meet the growing demand for digital services. For example, Equinix which has invested USD160 million into its first facility in South Africa that will offer 1 860sq m of rack space with 4MW of IT load. Similarly, it also acquired MainOne, a West African data center provider. This acquisition allowed Equinix to expand its presence in Africa and leverage MainOne’s established infrastructure to strengthen its position in the region. Africa Data Centres, one of the largest pan African operators on the continent, has various facilities in Johannesburg, Cape Town, Lagos, and Nairobi and continues to have a strong pipeline of expansion sites. Digital Realty, another key player in the global data center industry, finalized a deal to acquire a majority stake in Teraco, an African data center provider with multiple facilities across South Africa. Private equity firms have likewise been actively involved in data centre investments across Africa. Notable names include Actis and Helios Investment Partners, who have invested in several data center projects across the continent.



However, the region faces challenges due to insufficient infrastructure investment, high temperatures requiring advanced cooling systems and late adoption, resulting in a disproportionate capacity gap. The African data centre colocation market also remains highly concentrated in a few countries, namely South Africa, Egypt, Nigeria, and Kenya representing majority of the available white space. South Africa is the largest market in Africa, with approximately 300MW of live supply and accounting for around 70% of the continent’s IT load.



South Africa, with its advanced telecommunications infrastructure, strategic geographic location, and robust regulatory environment, stands as a prime destination for data centre investments in Africa, serving as a hub for the region. The country boasts a vibrant digital ecosystem, a growing tech-savvy population, a strong financial sector, and has various initiatives promoting the Information and Communications industry. Favorable land prices (compared to other countries on the continent and in developed markets), connectivity and infrastructure make it an attractive choice for hyperscale tenants expanding their operations across the continent, therefore driving demand for data centre infrastructure in country.



Despite this potential, several country specific challenges could inhibit growth. These include energy supply issues and costs, other environmental concerns such as cooling and water consumption, security concerns including crime, the construction mafia and cybersecurity, and a shortage of skilled labour.



International and local data centre operators continue to express strong interest in investing in Africa, particularly South Africa, with demand remaining robust. However, establishing strategic public-private partnerships is crucial for fostering industry growth and addressing current challenges. These initiatives may include investments in renewable energy sources which can support both a reduction in power costs and environmental impact of these facilities, enhanced security measures deployed to building sites as well as innovation and skills development by educational institutions.



The demand for cloud-computing and data centres in Africa plays a crucial role in driving digital transformation. Businesses benefit from increased processing speeds, reduced latency, and enhanced reliability, leading to improved operational efficiency and contributing to the digital success of organisations, ultimately resulting in improved service delivery and enhanced user experiences.&nbsp;

Linda Oniwe

Powering the Digital Age: The Rise of the African Data Centre Industry

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="707" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-820x707.jpeg" alt="" class="wp-image-562872" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-820x707.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-300x259.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-104x90.jpeg 104w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-768x662.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-1536x1324.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Jeanne-Marie-Fatti-1-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Jeanne-Marie Fatti, Senior Vice President: Energy &amp; Infrastructure, Corporate and Investment Banking at the Standard Bank of South Africa</figcaption></figure>



Johannesburg – 02 December 2024 – CrossBoundary Energy has secured a US$140M senior debt commitment from the Standard Bank of South Africa on a fully underwritten basis. The groundbreaking transaction highlights the potential role of commercial funders in supporting the adoption of renewable energy solutions by businesses across Africa.



The financing is being undertaken as a first tranche within a broader mandate with the Standard Bank of South Africa, which has been appointed to lead and arrange up to US$300M senior debt to support the scaling of CrossBoundary Energy&#8217;s renewable energy portfolio serving Commercial and Industrial (C&amp;I) clients across Africa.



CrossBoundary Energy was supported by Cygnum Capital acting as exclusive financial adviser, and by Bracewell (UK) LLP as borrower’s counsel. Trinity International LLP acted as lenders’ counsel on the transaction.



In Africa, access to reliable and affordable power is one of the largest impediments to business growth. While service providers can solve this, access to finance remains an immense barrier to companies accessing that power. The IEA estimates that the energy transition <a href="https://www.iea.org/reports/scaling-up-private-finance-for-clean-energy-in-emerging-and-developing-economies/executive-summary">will require US$160B annual </a>investment between 2026—2030 to align with climate goals, the bulk of which will come from the private sector.



Jeanne-Marie Fatti, Senior Vice President: Energy &amp; Infrastructure, Corporate and Investment Banking at the Standard Bank of South Africa, remarked, “There is a growing need for innovative energy solutions in Africa. Companies like CrossBoundary Energy are addressing this block holistically through energy systems that are financed, distributed, and led by renewables. Standard Bank is committed to supporting pioneers like CrossBoundary Energy on their growth trajectory”.



Pieter Joubert, President and Chief Investment Officer at CrossBoundary Energy, added, “Scalable, affordable infrastructure financing solutions are a catalyst to unlock reliable and affordable power access for businesses on the continent. Our partnership with Standard Bank will allow us to expand and accelerate energy-as-a-service to African customers, ultimately improving the sustainability and competitiveness of businesses across Africa”. 



CrossBoundary Energy provides financed renewable-led power solutions to African enterprises. Its current awarded portfolio comprises $570M of projects across 18 African countries, with 330 MW of solar and wind assets and 178 MWh of battery energy storage solutions. CrossBoundary Energy’s clients include leading businesses in the mining, industrial, and telecommunications sectors such as Rio Tinto, Unilever, Diageo, Heineken, the Devki Group, and IHS Africa. The portfolio features large-scale renewable-led hybrid power plants for mines, rooftop and ground-mount solar PV plants for industrial clients, and distributed solar PV and battery power solutions for telecommunications sites. CrossBoundary Energy is headquartered in Mauritius, with offices in Kenya, Nigeria, South Africa, and Ghana.

Evoto

CrossBoundary Energy secures US$140M senior debt from the Standard Bank of South Africa to scale renewable energy portfolio across Africa

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-820x547.jpg" alt="" class="wp-image-562851" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/Capetown-Landscape-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa boasts an impressive 22,000 km of train tracks, weaving through its stunning landscapes. Image credit, Credit is the  Railway Safety Regulator </figcaption></figure>



When the Railway Safety Regulator (RSR) unveiled the State of Safety Report 2023/24 on 30 October, it presented a pivotal moment for South Africa&#8217;s rail sector—a mirror reflecting not just its challenges but also its resilience and potential for transformation.



The report is a narrative of contrasts, blending progress with persistent hurdles. It paints a picture of decreasing operational fatalities yet exposes rising threats in security-related incidents. At its core, the report underscores the intricate tapestry of rail safety in South Africa, one where operational efficiency must coexist with security and infrastructural integrity.



<h2 class="wp-block-heading" id="h-progress-amid-adversities">Progress amid adversities</h2>



The strides made in reducing train accidents and operational fatalities are commendable. With an overall decrease in Fatalities Weighted Injuries (FWI) related to operational occurrences by 6% compared to the previous reporting period, the sector showcased the effectiveness of enhanced safety protocols and dedicated efforts from railway operators like Transnet Freight Rail (TFR) and the Passenger Rail Agency of South Africa (PRASA).



Yet, the shadow of recurring incidents—like the 14% increase in train collisions and a sharp rise in people-related occurrences at station platforms—serves as a stark reminder that the safety journey is far from complete.



KwaZulu-Natal, contributing to 36% of the operational occurrences, remains a focal point, demanding urgent, tailored interventions. The province’s alarming rate of 896 recorded occurrences not only highlights systemic vulnerabilities but also calls for community-centric solutions, strengthened enforcement, and infrastructural upgrades.



<h2 class="wp-block-heading" id="h-the-security-conundrum">The security conundrum</h2>



The report unearths a troubling rise in security-related fatalities, with incidents escalating by 345.74% from the previous period. The new reporting category, &#8220;human bodies found within railway reserves,&#8221; alone contributed to a significant portion of these numbers, emphasizing the harsh realities within the railway environment.



Theft and vandalism, impacting 74% of security-related incidents, reveal systemic gaps in asset protection and the urgent need for robust collaboration between law enforcement and rail operators.



<h2 class="wp-block-heading" id="h-operational-challenges-and-the-way-forward">Operational challenges and the way forward</h2>



Operationally, South Africa&#8217;s railways faced unique stressors, not least of which was the ongoing electricity crisis. Frequent power outages disrupted services, amplified risks, and tested the resilience of safety systems. However, these challenges also became a crucible for innovation, as teams adapted to maintain operations under extraordinary pressures.



Amid these adversities, PRASA’s 116% surge in train kilometres and increased passenger rail usage reflects renewed public trust in rail as a viable transport option. This progress must be safeguarded with relentless vigilance and strategic investments.



<h2 class="wp-block-heading" id="h-a-collective-call-to-action">A collective call to action</h2>



The State of Safety Report is more than a ledger of incidents—it is a blueprint for transformation. The RSR’s mandate to oversee safety and collaborate with stakeholders provides a solid foundation, but real progress will require a unified effort from government, operators, communities, and regulatory bodies.



<h2 class="wp-block-heading" id="h-towards-a-safer-tomorrow">Towards a safer tomorrow</h2>



The 2023/24 State of Safety Report is a clarion call for change. South Africa&#8217;s rail sector stands at a crossroads where decisions made today will echo into the future. The question that looms is not just how challenges will be tackled but how the industry will seize this moment to reimagine a safer, more inclusive rail network.



The journey to transforming these insights into actionable progress is long, but the destination—a rail system that prioritises safety without compromise—is worth the effort.



For an in-depth look at the findings and the full report, visit <a href="http://www.rsr.org.za">www.rsr.org.za</a>.

Capetown Landscape  2

Rail safety in South Africa — Charting the path to a safer future

Big bets on trendy glasses to be the future of augmented reality

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg" alt="" class="wp-image-422969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-300x190.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-142x90.jpg 142w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/download-59-768x487.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: A car drives past a construction site of the Central Business District (CBD) in the capital Gaborone, Botswana, September 21, 2018. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



GABORONE, Dec 6 (Reuters)&nbsp;&#8211;&nbsp;Botswana&#8217;s economy could shrink 1.7% this year, the first contraction since the COVID-19 pandemic, mostly because of a prolonged downturn in the global diamond market, finance minister Ndaba Gaolathe said.



In February, when it presented its budget, the southern African country&#8217;s government forecast 4.2% growth in 2024 but weakness in the diamond market since late last year has hurt demand for Botswana&#8217;s key export.



Debswana, Botswana&#8217;s joint venture with De Beers, lowered its 2024 diamond production guidance by about 6 million carats to 17.9 million carats. De Beers diamond sales were down 40% in the first nine months of 2024 from the year earlier period.



Gaolathe told lawmakers on Thursday that the contraction in Gross Domestic Product (GDP) this year could be greater than 1.7% should additional risks materialise, according to a copy of his remarks sent to reporters by the finance ministry.



Those risks include further disruptions in the diamond market, the impact of a severe regional drought and defects at a major power plant.



The budget deficit is now seen at 6.75% of GDP, compared to the estimate of 2.8% given in February, Gaolathe said.



Like other southern African countries Botswana has been affected by the worst regional drought in decades, which has sapped economic growth in neighbouring Namibia and Zimbabwe.



Botswana&#8217;s central bank said on Thursday that the economy would contract in 2024 but did not say by how much.



(Reporting by Brian Benza; Writing by Tannur Anders; Editing by Alexander Winning, Kirsten Donovan)

download-59

Botswana economy could shrink 1.7% this year, finance minister says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-820x547.jpg" alt="" class="wp-image-562831" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/HUQL6PE3XNNYTAJZ3DYFUL7USA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Souvenir vendors wait for customers at a market place in Nairobi, Kenya December 3, 2018. REUTERS/Ahmed Jadallah</figcaption></figure>



NAIROBI, Dec 5 (Reuters) &#8211; Kenya&#8217;s central bank cut its benchmark lending rate by a larger-than-expected 75 basis points to 11.25% on Thursday, saying there was room for looser policy to support economic growth as inflation was under control.



It is the third policy meeting in a row where the Central Bank of Kenya has lowered the interest rate. In October it also cut by 75 basis points (bps) after a 25-bps cut in August.



A Reuters poll of eight economists had a median forecast of a 50 bps rate cut on Thursday.



The bank&#8217;s Monetary Policy Committee (MPC) said in a statement that &#8220;inflation was expected to remain below the midpoint of the target range in the near term, supported by low fuel inflation, stable food inflation, and exchange rate stability&#8221;.



Kenya&#8217;s inflation edged up to 2.8% year on year in November, from 2.7% a month earlier, but it remains well within the government&#8217;s preferred band of 2.5%-7.5% in the medium term.



&#8220;The MPC noted economic growth in the first half of 2024 had decelerated, and therefore concluded that there was scope for a further easing of the monetary policy stance.&#8221;



Kenya&#8217;s umbrella banking association had called for a significant cut to the central bank&#8217;s policy rate to provide a strong signal to the market and enable a drop in market interest rates.



The MPC&#8217;s statement observed that short-term rates on government securities had declined sharply in line with its key rate, but it said banks had not responded by lowering their rates proportionately.



&#8220;The MPC, therefore, urges the banks to take necessary steps to lower their lending rates in order to stimulate credit to the private sector.&#8221;



The bank reiterated its previous growth forecasts for the next two years, 5.1% and 5.5% respectively.



The East African nation&#8217;s government, which has been struggling with heavy debt, has been looking for new financing after mass protests in June forced it to scrap planned tax hikes worth more than 346 billion shillings ($2.68 billion).



($1 = 129.0000 Kenyan shillings)



(Reporting by George Obulutsa; Editing by Alexander Winning, Alexandra Hudson and Andrew Heavens)

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John Dramani Mahama returning as Ghana president on pledge to mend economy

Mauritius economy ‘much worse than we imagined’, new prime minister says

Changing what’s possible, and creating positive impact in sub-Saharan Africa’s trade environment

Ghana’s former President Mahama wins election

Motor racing-Verstappen to serve swearing penalty in Rwanda

Why Facebook-Parent Meta Is Willing To Lose Billions On The Metaverse

Inside the iconic venue powered by human body heat

Introducing Converge, where leadership meets innovation

How Thermal Batteries Could Replace Lithium-Ion Batteries

Nigeria’s Senate seeks to criminalise corn exports to tackle hunger

Inaugural African of the Decade Award announced by All Africa Business Leaders Awards

Powering the Digital Age: The Rise of the African Data Centre Industry

CrossBoundary Energy secures US$140M senior debt from the Standard Bank of South Africa to scale renewable energy portfolio across Africa

Rail safety in South Africa — Charting the path to a safer future

Big bets on trendy glasses to be the future of augmented reality

Botswana economy could shrink 1.7% this year, finance minister says

Kenya cuts main rate more than expected to stimulate growth

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